Rakbank seeks to double foreign ownership limit

Dubai, April 7, 2014

Shareholders of National Bank of Ras al-Khaimah (Rakbank) will meet on May 1 to decide whether to allow foreigners to hold up to 40 per cent of its shares, the lender said in a bourse statement on Monday.

The bank, which is listed in Abu Dhabi, currently has a 20-pe rcent cap on foreign ownership. Foreigners currently own 19.3 percent of the bank's shares, according to Thomson Reuters data. – Reuters